Recent data shared on X has sparked renewed interest in the distribution of wealth among XRP holders. James Rule XRP (@RuleXRP), a well-known figure in the XRP community, pointed out that as of June 2025, 5,214 wallets are holding 460,829 XRP or more.
At a market price of $2.17 per XRP, this amount crosses the $1 million mark. This figure suggests over 5,000 XRP millionaires exist on paper. However, the reality of wallet ownership is more complex.
note: some of the large XRP wallets are centralized exchange wallets with hundreds, if not thousands of buyers attached to the same wallet address.
Sending XRP to an exchange requires the primary XRP Wallet address + MEMO ex. "23456789" (the memo is your hotel room in the…
— James Rule XRP 👊😎 (@RuleXRP) June 20, 2025
The Role of Centralized Exchanges in Wallet Statistics
While recent data from the XRP rich list shows a notable increase among top token holders over the past two years, James cautions against interpreting these figures too literally. He notes that a significant portion of these high-balance wallets are not controlled by individuals but by centralized exchanges.
These wallets often hold the assets of “hundreds, if not thousands of buyers,” all pooled under a single address. This means the number of actual individual XRP millionaires is likely much lower than the wallet count implies.
When users deposit XRP into an exchange, their funds are assigned to one of these large wallets managed by the exchange. To differentiate individual users, the system uses destination tags or memos. He likened the memo to a hotel room number that directs the payment to the correct recipient.
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Self-Custody Offers a Clearer Picture of Ownership
The difference between exchange wallets and self-custody wallets becomes important in understanding who truly controls large amounts of XRP. While exchange wallets may appear wealthy, the funds belong to multiple users.
In contrast, XRP sent to self-custody wallets requires no memo, and full control lies with the wallet owner. As James put it, “You OWN the XRP Wallet Address” in self-custody scenarios. This distinction is vital in the context of decentralization and personal sovereignty within crypto ecosystems.
XRP advocates have consistently advised community members to use self-custody wallets. While centralized exchanges offer convenience, they blur the lines of ownership, and investors can lose their funds through a collapse, such as Mt. Gox or FTX, or theft, like the recent attack on Nobitex, Iran’s largest crypto exchange.
While XRP has seen a recent surge in whale activity, wallet rankings alone are not sufficient to determine the number of true XRP millionaires, especially in a system where centralized platforms manage assets on behalf of large user bases. However, this could change as more users adopt self-custody and take full control of their assets.
Disclaimer: This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are advised to conduct thorough research before making any investment decisions. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses.
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